Abstract: This article focuses on the development of co-operative production in France and England. The second phase of co-operation, marvelously developed in England, is but little known in France, though it is already beginning to appeal to the socialistic imagination of the distributive societies in Belgium. As yet, there is nothing in France corresponding to the wholesale societies of England; but a movement at this moment on foot at Paris gives reasonable grounds for anticipating the development of a French wholesale some time in the twentieth century. The third form needs but a word of explanation. It is simply an extension of what is known in France as deferred participation; that is to say, of the various schemes of profit-sharing which retain a part or the whole of the dividend allotted to labor for the purpose of forming provident or pension funds. Deferred co-operation, therefore, is a still further application of more or less involuntary thrift to the gradual acquisition of capital shares by the accumulation of a portion of the dividends allotted to employees.

　　Subjects: PRODUCER cooperatives; COOPERATIVE societies; AGRICULTURE, Cooperative; PROFIT-sharing; WHOLESALE trade; FRANCE; ENGLAND; Wholesale Trade Agents and Brokers